522 – Hot Button Budgeting Topics (Compilation)

522 – Hot Button Budgeting Topics (Compilation)

Author: Doug Hoyes August 31, 2024 Duration: 25:59
Debt Free in 30
BusinessInvesting

Pros and Cons of Budgeting: What Works, What Doesn't, and What to Do Instead | Debt Free in 30 | Episode 522

Is budgeting the best way to manage your finances, or is there a more practical approach?  Debt Free in 30's Doug Hoyes discusses the pros and cons of budgeting, breaking down popular budgeting methods like the 50/30/20 rule and the practicality of saving 20% of your income. Explore why traditional budgets can often be overly simplistic, why it's hard to start budgeting, and how to find a method that truly works for you. Doug shares his perspective on effectively managing money without being a "budget guy" and offers practical tips for those who struggle with budgeting. From understanding different budgeting styles to finding the right balance between debt repayment and saving, this season finale has everything you need to know to make budgeting work for you.


Episode Timestamps:

(0:00) Doug Hoyes Isn't a "Budget Guy" 

(0:50) Maureen Explains the 50/30/20 Budget Concept 

(4:20) Is Traditional Budgeting Overly Simplistic? 

(5:50) Doug Reconsiders His Stance on the Value of Budgeting 

(6:45) Budgeting Based on Pay Cycle

(9:50) Is Saving 20% of Your Income Realistic? A Breakdown of Saving vs. Debt Repayment

(14:40) Annual Budgeting: Why It Can Be Helpful and Practical Tips

(19:20) Consumer Proposal Budgeting Sessions: What to Expect

(21:20) Overcoming Difficulties of Starting a Budget  

(22:10) Exploring Budgeting Styles

(23:45) The Importance of Being Realistic in Budgeting and Making Tools Work for You


Stay ahead of financial challenges with expert advice delivered straight to your device. Subscribe to Debt Free in 30, turn on notifications, and follow us on your favorite social channels for more entertaining and educational content.

Watch: YouTube

 Listen:
 Apple
Spotify
Podbay
Deezer
Amazon Music


Follow:
 Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn


Resources:
"Joe Debtor" Hoyes Michalos Annual Bankruptcy Study
Zero Based Budgeting – Giving Every Dollar a Purpose
7 Reasons Budgets Fail and How to Succeed
Budget Mistakes to Avoid (Youtube)
Is the 50-30-20 Budget Rule Do-Able Today?


Disclaimer:

 The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Official website RSS
instagramyoutubetiktoklinkedin
Debt Free in 30
Podcast Episodes
443 – What To Do When Debt Collectors Get Aggressive? [not-audio_url] [/not-audio_url]

Duration: 34:45
When debt collectors start getting aggressive with their collection efforts, what do you do? What should you avoid saying to a collection agent? When does the Statute of Limitations on debt come into play? And what if yo…
441 – How To Manage Your Money in a Crisis [not-audio_url] [/not-audio_url]

Duration: 31:59
Amid layoff announcements and rising cost of living, you may be feeling like you're in a crisis or about to face one. What do you do? And what should you avoid doing? How can you manage your financial health when your st…
440 – What's Happening to Mortgages in 2023? With Ron Butler [not-audio_url] [/not-audio_url]

Duration: 39:53
Less than one year ago, the Bank of Canada overnight rate was just 25 basis points. Today, it's 450 basis points – an 18X increase. How have record rate increases affected homeowners and potential homebuyers? What about…
439 – What's The Wealth Effect? (And Why It Matters To You) [not-audio_url] [/not-audio_url]

Duration: 29:35
When you think you're rich, you're more likely to spend more. And when you're not so confident about money, you may hold back and save. This is how the wealth effect works. But are there any risks to this effect? On toda…
438 – How Do Lenders (& Credit Bureaus) Encourage Borrowing? [not-audio_url] [/not-audio_url]

Duration: 31:33
Sometimes borrowing money is a necessity. But do we always borrow because we need to? What role do banks, credit unions, and credit score providers play in influencing our decisions? On today's podcast, Scott Terrio is b…
437 – What's The Best Way To Start Tackling Debt? [not-audio_url] [/not-audio_url]

Duration: 29:52
When you've got a lot of debt to deal with, it can be tough to know where to start. Should you pay off the smallest debt first? Or the highest interest one? On today's podcast, Doug Hoyes and Ted Michalos break down how…
436 – Build an Annual Budget You Can Adjust For Inflation & Goals [not-audio_url] [/not-audio_url]

Duration: 33:00
It's the start of a new year and a good time to plan your finances for the next few months. On today's podcast, Maureen Parent is back to walk you through the steps. She explains how you can plan for your expenses and th…
434 – Are You Living Real Life Like It's The Virtual World? [not-audio_url] [/not-audio_url]

Duration: 13:56
We spend a lot of our time in the virtual world these days – on our phones, apps, social media – and sometimes the line between virtual reality and physical reality gets blurred. Sometimes even to the point where we make…

«1...141516171819202122...50»